The US Non-farm Payrolls Increased by 206,000 in June, Bitcoin Defensive at $55,000
Key Points:
- The US non-farm payrolls report for June showed 206,000 jobs added, slightly above expectations, with the unemployment rate rising to 4.1%.
- Bitcoin experienced its sharpest weekly drop since November 2022, currently trading just above $55,000 after a brief dip below $54,000.
- Market volatility was heightened by the Mt. Gox trustee’s transfer of $2.6 billion in BTC with investor concern despite no repayments to creditors yet.
Bitcoin (BTC) has seen its steepest weekly decline since the collapse of FTX in November 2022. Investors are hopeful that the upcoming US non-farm payrolls (NFP) report could provide some relief to the strained market.
US Non-farm Payrolls Report: Job Growth Surpasses Expectations Amid Rising Unemployment
On Friday, the U.S. Bureau of Labor Statistics released the US non-farm payrolls report for June, revealing the addition of 206,000 jobs. This figure, though lower than May’s revised 218,000, surpassed economist estimates of 190,000. The unemployment rate rose slightly to 4.1% from May’s 4.0%, in line with forecasts.
Average hourly earnings increased by 0.3%, matching expectations but slightly lower than May’s 0.4% rise. On a year-over-year basis, earnings were up 3.9%, consistent with forecasts but below the previous month’s 4.1% growth.
The US non-farm payrolls report, a critical economic indicator, influences the value of the dollar. The report’s slightly better-than-expected results led to a temporary dip in the DXY, which measures the dollar’s value against a basket of foreign currencies. The DXY’s current value of 104.96 reflects this decline, indicating a weaker dollar.
Market Jitters as Mt. Gox Trustee Moves $2.6 Billion in Bitcoin
In addition to economic data, market volatility was further impacted by the Mt. Gox trustee’s transfer of $2.6 billion worth of BTC from a cold storage wallet. While repayments to creditors have not yet commenced, the movement unnerved investors.
Despite these challenges, Bitcoin has rebounded slightly, trading above $55,000 after dipping below $54,000 during Asia trading hours. However, it remains down 3.3% compared to the previous day.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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The US Non-farm Payrolls Increased by 206,000 in June, Bitcoin Defensive at $55,000
Key Points:
- The US non-farm payrolls report for June showed 206,000 jobs added, slightly above expectations, with the unemployment rate rising to 4.1%.
- Bitcoin experienced its sharpest weekly drop since November 2022, currently trading just above $55,000 after a brief dip below $54,000.
- Market volatility was heightened by the Mt. Gox trustee’s transfer of $2.6 billion in BTC with investor concern despite no repayments to creditors yet.
Bitcoin (BTC) has seen its steepest weekly decline since the collapse of FTX in November 2022. Investors are hopeful that the upcoming US non-farm payrolls (NFP) report could provide some relief to the strained market.
US Non-farm Payrolls Report: Job Growth Surpasses Expectations Amid Rising Unemployment
On Friday, the U.S. Bureau of Labor Statistics released the US non-farm payrolls report for June, revealing the addition of 206,000 jobs. This figure, though lower than May’s revised 218,000, surpassed economist estimates of 190,000. The unemployment rate rose slightly to 4.1% from May’s 4.0%, in line with forecasts.
Average hourly earnings increased by 0.3%, matching expectations but slightly lower than May’s 0.4% rise. On a year-over-year basis, earnings were up 3.9%, consistent with forecasts but below the previous month’s 4.1% growth.
The US non-farm payrolls report, a critical economic indicator, influences the value of the dollar. The report’s slightly better-than-expected results led to a temporary dip in the DXY, which measures the dollar’s value against a basket of foreign currencies. The DXY’s current value of 104.96 reflects this decline, indicating a weaker dollar.
Market Jitters as Mt. Gox Trustee Moves $2.6 Billion in Bitcoin
In addition to economic data, market volatility was further impacted by the Mt. Gox trustee’s transfer of $2.6 billion worth of BTC from a cold storage wallet. While repayments to creditors have not yet commenced, the movement unnerved investors.
Despite these challenges, Bitcoin has rebounded slightly, trading above $55,000 after dipping below $54,000 during Asia trading hours. However, it remains down 3.3% compared to the previous day.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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